MANAGEMENT

Detailed explanation-1: -with the help of financial planning, capital can be made available at option C minimum cost. Explanation: “A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals.

Detailed explanation-2: -The objective of financial planning is to ensure that enough funds are available at right time. (i) Helps in avoiding business shocks and surprises Proper provision regarding shortage or surplus of funds is made by anticipating future receipts and payments. Hence, it helps in avoiding business shocks and surprises.

Detailed explanation-3: -Financial planning ensures availability of funds whenever required. Thus, it helps in proper utilisation of funds.

Detailed explanation-4: -There are six stages to develop a financial plan and to carry out personal money management. From beginning to end, a certified financial planner professional guides you through the financial planning process-keeping in view your current financial situation and economic background.